Ron Paul: Feds shouldn’t ‘interfere’ with bitcoin

by Tim Devaney, The Hill
February 26, 2014

As concerns mount about the future of bitcoin, Ron Paul said Tuesday that the government should not regulate virtual currencies, even as a major exchange collapsed this week, costing traders hundreds of millions of dollars.

“I believe if a digital currency was legitimate, the government should never interfere and close it down,” the former Republican congressman from Texas said in an interview with the Fox Business Network.

This comes as some critics speculate that the future of bitcoin might be in jeopardy after the digital money service’s most popular exchange, Mt. Gox, announced Tuesday it has decided to close trading indefinitely.
That means many people who had money in the site would likely lose their investments, experts say.

At one time, Mt. Gox was the largest platform for traders who wanted to convert bitcoins into cash. But the Tokyo-based exchange was pressured to close down after about 745,000 bitcoins were believed to have been stolen.

5 Comments - what are your thoughts?

  • M.j. Zuzich says:

    If Paul’s personal investments are structured as has been reported elsewhere, it’s not any news that he would take this position.

    1. PAFreedom says:

      Paul’s views have always been that we should be leery of government involvement in the free exchange of goods and services, investments don’t lead the charge in his views which he has held for decades and decades.

      1. I Seigel says:

        Without government “involvement” we would have no banking system in which the world’s economy is anchored. We would have no trustworthy sources of food, pharmaceuticals, airplanes, or drinking water.

        1. Gnowark says:

          STOP, You’re scaring me almost into wanting the government to make me buy things I don’t want, prevent me from having the things I DO want, and telling me I’m not elite enough to know the difference. What? That was what you intended? Oh, sorry. it’s almost time for your Marxism meeting.
          I AM living in those housing conditions, as well as the collapsed bubble, the economic and job wasteland, and how many times do you need to be flooded before saying “it ain’t so good to live below river-level!”

          1. I Seigel says:

            I might be misunderstanding your point here, but you seem to be demonstrating all the behaviors of a classic idiot. Or is it imbecile. You know, doing the same thing over and over again but expecting a different result? It sounds to me like maybe you should try a different approach, like supporting a different set of politicians. Maybe things will change for you. And maybe moving to higher ground might be a good idea, too.

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